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22 Feb 2013

Forex: EUR/SEK in session lows after Swedish data

The Swedish krona is partially trimming Thursday losses after the Consumer Confidence in the Scandinavian economy improved to -1 for the month of February, from -2.9 previous. Further data showed that the Business Sentiment bettered to -11 from -18 and -15 expected. The stronger SEK is now dragging the cross to fresh daily lows in the boundaries of 8.4500.

EUR/SEK is now losing 0.18% en 8.4531 with the next support at 8.4160 (low Sep.27) ahead of 8.3107 (low Aug.31) and then 8.2100 (low Aug.28).
On the upside, a breakout of 8.5160 (MA14d) would expose 8.5300 (low Feb.15) and then 8.6400 (high Feb.8).
Feb 22, 2013

Forex Flash: GBP/USD may rebound near term ahead of further losses - Commerzbank

Commerzbank analysts expect the GBP/USD to do a near term rebound ahead of further losses below 1.5131: “We note the TD perfection set up on the 240 minute chart and the Elliot wave count is pointing to a 1.5380./1.5425 and possibly 1.5525 correction ahead of further weakness”, wrote analyst Karen Jones, adding that this week's sell off sliced through the 1.5271/35 target (2012 low and the 50% retracement of the move since 2009) with ease. “This is extremely negative price action and beyond a rebound we look for losses to 1.5000 and then 1.4853, the 61.8% retracement of the 2009 move”, she continued, pointing to initial resistance at the 1.5271/35 previous support then 1.5400/23 ahead of the 1.5651 accelerated downtrend.
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